If you’ve heard the term “collateral car title loan,” but aren’t exactly sure what it means, this is common with many borrowers. Many people who are in need of fast cash may not even be aware how this loan works. When understood, collateral equity loans are the best thing to help you out of a financial emergency situation.
The basic concepts of a collateral car title loan
Collateral car title loans simply use a fully owned car and car title as collateral. When a borrower applies for the loan, the loan amount is based on the true market value of the car. A lien is then placed on the car title during the loan term or until the loan is fully paid. You can borrow as high as $25,000.
The lowest interest rates
Interest rates for no credit check title loans are much lower than anything the competition can offer. Payments can be as low as $97 per month. These loans don’t require any credit checks. Applying for this loan takes only one hour for approval. Once the borrower receives the cash, they continue using the car while repaying the loan.
Payment schedules will vary based on the loan terms
Loan repayment terms are the longest that can ever be offered. Should the loan be paid off early before the end of the term, no early payment penalty will be charged. Once the loan is paid off the lien on the car title is removed and the title is returned to the borrower.
It will not matter what your particular credit situation is. Legitimate lenders such as Car Title Loans Canada will help you complete the very minimal paperwork and get your loan approved in one hour. You only get the lowest rate and the longest terms. At Car Title Loans Canada, we loan you money based on the value of your vehicle, not your credit score. Call Car Title Loans Canada toll free at 1-866-973-5214 and apply now. You can even apply online.